IFRS 도입에 따른 회계이익의 변동성과 신용위험 관련성

Debt markets are a more important source of new capital than equity markets. Yet comparatively little is known about how well financial statements address creditor's needs, especially in the post-IFRS period. Since creditor decisions and information needs differ from those of equity investors, evidence that IFRS is relevant to equity markets does not imply relevance for creditors. We examine whether the credit relevance of financial statements, defined as the ability of accounting numbers to explain credit ratings of non guaranteed bond, is higher after firms are required to report under K-IFRS. In this study, we analyse the volatility and credit relevance of three income measures; net income(NI), other comprehensive income(OCI) and comprehensive income((CI) over the pre-IFRS period (2008-2010) and post-IFRS period (2011-2012). Using a large sample listed on Korea Exchange, we find that by and large, earnings volatility is credit relevant. Our main results are then threefold. We first provide evidence that the earnings volatility measured by standard deviation of NI and CI on quarterly financial statements over past 2 years is higher in the pre-IFRS period. Second, our results show that the volatility of NI is credit relevant, and the volatility of OCI has incremental credit relevance beyond the volatility of NI. Third, we find that the credit relevance of NI volatility is more signigicant in the post-IFRS period, but the additional credit relevance of OCI volatility is not significant. These results seem to be partly attributed by the rapid decrease in the number of asset revaluation firms in the post-IFRS period. Finally, our results are maintained in the OCI reporting firms as well as in the whole sample .